French wheat prices held steady on Tuesday amid slack export demand, an unfavourable euro/dollar exchange rate and pre-harvest worries, traders said.
Paris futures were untraded by 1430 GMT with November quoted at 115.00/115.25 euros a tonne, against a close on Monday at 115.00.
On the cash market traders reported unchanged priced for Rouen delivered wheat - 112 euros for August delivery, 113 for September and 114.50 for October/December.
"We are still in a 'wait-and-see' situation," one trader said. "Farm co-operatives are still waiting for details on quantity and quality."
The market's hesitant mood had also been accentuated by forecasts of wetter weather over the coming days, which could delay the harvest and affect quality, he said.
However, rain would be welcomed by maize farmers in the south-west, where a long dry spell has threatened to delay crop development.
Maize futures lost between 0.25 and 0.50 euros a tonne with front month August down 0.50 at 144.50 euros.
"The arrival of the rain has eased concerns. The situation looks good across Europe. Only the south-west (of France) was an area at risk," a maize trader said.
National forecaster Meteo France said heavy rain should hit nearly all regions of France on Wednesday.
In the days ahead, more stormy weather has been forecast, with frequent rain in the north-east and along the coast. Temperatures across much of France could be below normal.
"A storm could do real damage to ripened wheat in terms of its Hagberg number (starch content) and specific weight but these should be localised," one said.
"For the area north of the Loire, where we are still two to three weeks away from the harvest, this could do the crops some good," he added.
Initial surveys of those areas harvested showed satisfactory results in terms of yields and reasonable protein levels between 11 and 12 percent.
For barley, yields also looked to be on track, with protein content estimated between 10.50 and 12 percent, industry sources said.
Comments
Comments are closed.